Nokia Corporation Q1 2026 Earnings Recap

Nokia delivered a robust Q1 2026 with 4% revenue growth driven by optical and AI-related infrastructure, expanding margins and strong cash flow, amidst strategic product launches and increased market outlook.

Key Takeaways

• Revenue reached EUR 4.5 billion with a gross margin of 45.5%, supported by strong Optical Networks performance and synergy benefits from Infinera acquisition.
• AI and cloud customer demand accelerated, raising the 2025–2028 market growth forecast to a 27% CAGR for AI and cloud infrastructure.
• Orders exceeded EUR 1 billion, with book-to-bill ratios above 1, signaling healthy demand pipeline across network infrastructure.
• Network infrastructure growth outlook was upgraded to 12–14% for 2026, driven by increased optical and data center investments.
• Mobile Infrastructure, launched in January, shows stable performance with ongoing integration efforts, and new product rollouts including AI RAN-ready radios progressing as planned.